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Jul 19, 2012 6:00am EDT
sunday at 8 p.m. on c-span's q&a. >> a congressional report says london-based bank hsbc allowed drug traffickers, terrorists and rogue states to launder billions of dollars to the u.s. financial system. current and former executives with hsbc testified before the senate's permanent subcommittee on investigations earlier this week. >> we will now call our second panel of witnesses for this morning's hearing. david bagley, the head of group compliance of hsbc holdings in london, paul thurston, chief executive for retail banking and wealth management at hsbc holdings in hong kong, michael gallagher, the former executive vice president and head of pc in north america for hsbc bank u.s. in new york. and, finally, christopher locke, the former head of global banknotes at hsbc bank u.s. in new york. we appreciate all of you being here this morning. we look forward to your testimony. as you heard, we have rule six which requires that all witnesses who testify before the subcommittee are required to be sworn, so we would ask each of you to please stand, raise your right hand. [witnesses were
Comedy Central
Jul 19, 2012 11:00pm PDT
of the world's largest banks, hsbc. >> jon: wow! money laundering!, now there's a bank scandal everybody can understand. except a media badelia, oh, amelia, that's not money laundering. you-- (laughter) but my point is this, while there are some very difficult to understand complex banking scandals, there are also some good old-fashioned visceral straight up malfeasance type bank scandals. your money laundering. so let's guess this is some type of hsbc aided tax avoidance money laundering thing for fat k59s. >> among those who have made it their bank of choice are the ruthless leaders of mexican drug cartels, expected al qaeda moneymen and the iranian government trying to get around u.s. embargos. (laughter) >> jon: hsbc is laundering money for terrorists and drug cartels, i guess that explains their slogan, hsbc, helping people without want to kill you since 1991. (laughter) or hsbc, the hood money, you had ma me at money. or hsbc, the s stands for-- (laughter) got a lot of those. anyway i give you the senate testimony of the head of hsbc david bagley, this should be good. >> i have said be
Jul 17, 2012 7:00am EDT
. >> and now, bbc world news. >> the banking giant, hsbc made loans to launder billions of dollars. the bank became a gateway for drug money says -- because u.s. regulators failed to act. hello. i am at george with the world of news and opinion. also in the program, the latest clashes in the capital market a turning point. it could make the job a lot harder. the local political athletes from around the world get to know their new friends and neighbors. it is midday here in london. 7:00 a.m. in the morning in washington where, in a few hours, executives from hsbc will become the latest of bankers to be courted in the spotlight. it will allow mexican drug cartels to launder billions of dollars. expect apologies from the bankers. something we're getting used to on both sides of the atlantic. but there will be plenty of questions still. but >> hsbc's business practice from mexico to the middle east are under scrutiny after a eight year-long probe by the u.s. senate. they spoke to dozens of people, including senior bank executives. >> there were not worried. to check the control. the answer was,
Jul 17, 2012 4:00pm PDT
fire, at this time is hsbc feeling the heat. >> despite the best efforts and intentions of many dedicated professnals, hsbc has fallen short of our own expectations. >> from russia with love, this olympian is now competing for america. welcome to our viewers on pbs in america and around the globe. the battle to liberate damascus has begun, that is a claim of the rubble -- rebel free syrian army today. there are reports that the president's army is moving in reinforcements. the push is on towards the presidential palace. you can see on the top left-hand corner of your screen. rebels in the syrian army have en locked in fierce battles. on verified video appears to show government tanks and other heavy armored vehicles lining the roads. the rebels are reporting they have shot down syrian army helicopters over damascus. we report on these latest developments from beirut. >> the battle for damascus is on. that is what the opposition says and government forces have been on the move to defend the city. israeli intelligence says some syrian forces have been moved them -- have been moved
Jul 17, 2012 8:00pm EDT
bank hsbc. and former secretary of state madeline albright and colon powell talk about u.s. foreign policy. u.s. future regular layers acknowledged that the system failed to protect customers of financial group. which collapse last week, with the founder admits to $100 million in fraud. mr. again leer who heads the commodity future testified tuesday at senate hearing looking into the impact of new financial regulations. the committee also heard from a security and exchange commission regulator. good morning we call the committee together. we welcome everyone. let me say at beginning for the first panel, we have agreed because of importance of number of issues that we'll talking about today to two rounds. we'll give b giving each member seven minutes. we'll have additional time to have a full discussion. it's, two years since they passed the dodd-frank. there's been an open ruling making. as i said before, it's extremely important that we get the rules done right. repeatedly -- it was made final along with the entity start the clock on compliance. this is a significant step toward gr
Jul 30, 2012 4:00am EDT
.4% in the second quarter. there's a surprise 2.2% jump in inflation. >> hsbc is to post a jump. >> u.s. investors are looking ahead to a busy week. >>> okay. so welcome to the first trading day of the week. we're weighted to the upside one hour in the trading session for europe. after of course big rallies on the last few trading sessions of last week. the ftse 100 down half percent last week but up 2% the last three trading days. up 4.68% in the last three trading days. ftse 100 up. dax up two-thirds. the ibex today up another 1.75%. italy has got an auction out this morning. the auction focusing on -- i was going to show you three. but we got five and ten years very much in auction as well. 5.97% is where the ten year is trading. auction last month, the yield was 6.19%, lower today. the italian five year trading 5.28 at auction last month they hit 5 policy 84. auctioning up to 5.5 billion. yields in spain remain at 6.649%. hundred basis points lower. ten year bunds up to 1.4%. treasuries hit a record low. big week with the fed and employment report and of course the ecb, bank of england as well
Jul 17, 2012 8:00am PDT
linked to terrorism to use the banking giant hsbc to funnel money into the united states. of the report found loose protections at hsbc's u.s. unit provided a "gateway for terrorists to gain access to u.s. dollars and u.s. financial system." among other allegations, the bank reportedly supplied $1 billion to a firm whose founder has ties to al qaeda. hsbc is also accused of shipping billions in cash from mexico to the united states, despite warnings the money was coming from drug cartels. the report friends rampant violations at hsbc as part of a larger problem of illegal money entering the united states for international financial firms. in addition to hsbc, legislators called it a top u.s. bank regulators for failing to popular monitor the bang. -- to properly monitor the bank. it said lax government oversight has helped fuel financial wrongdoing. the report on hsbc comes amid widespread scandals in the global financial sector, including news the british bank barclays manipulated a key global interest rate. a former art as executive who left his job over the bank's interest-rate fixin
Jul 17, 2012 6:30pm PDT
with us. >> and ethical challenge of another sort. tops compliant -- a top compliance official at hsbc announced his resignation today. >> several executives from the london-based bank appeared at tuesday's hearing and promised hsbc will clean up its act. the committee said hsbc has laundered funds for drug dealers and countries including syria and iran. hsbc still faces a justice department investigation and potential fines. an egyptian train has derailed near cairo, injuring at least 15 passengers. the train derailed in giza some 20 kilometers southwest of cairo. some reports say the train burst into flames. officials say there were no deaths. that israel's government is in crisis. -- >> israel's government is in crisis. the biggest partner in benjamin netanyahu's coalition has split from the government over whether orthodox jews should continue to be excused from military service. the party says it is disappointed with netanyahu's failure to move forward with the ship here the prime minister now holds only a fragile majority in parliament. >> the united nations secretary- general tr
FOX News
Jul 17, 2012 12:00pm PDT
. >>shepard: the banking giant hsbc is underfire on capitol hill today over allegations the lax tax rules helps terrorists and drug cartels launder billions. according to the senate investigation, those groups and other criminals were able to funnel illegal profits through u.s. accounts to make it all look legitimate. in the process, they got access to the country's financial system and lawmakers say that poses a national security threat. >> wrongdoer use u.s. dollars and u.s. wire transfers to commit crimes, arm terror groups, produce and transport illegal drugs, loot government coffers and pursue weapons of mass destruction. >>shepard: the senate report indicates iran and north korea and other rogue regimes used the bank to get around u.s. financial restrictions and that government regulators failed to intervene. catherine is live in washington if us this afternoon. catherine, hsbc officials acknowledge they made mistakes. >>reporter: that is right. what came out this morning is that hsbc executives knew if seven years the branch operations were flying fast and loose with the rules. the
Jul 17, 2012 5:30pm PDT
biggest banks operating in america, the british bank, hsbc was under fire for using their bank to enable drug lords, even suspected terrorists. abc's chief investigative correspondent brian ross tracks down the men at the top. >> reporter: it is one of the world's best known banks. and in its commercials, hsbc boasts of being the bank of choice for everyone. >> hsbc, world bank. >> reporter: according to today's senate report, among those who have made it their bank of choice are the ruthless leaders of mexican drug cartels, suspected al qaeda money men, and the iranian government trying to get around u.s. embargoes. >> you need to have a bank that's willing to take you on as a customer. knowing that your customers are dodgy, your relationships are bad and you're in illegal activity. >> reporter: and internal documents show hsbc executives knew exactly what they were doing. "we are allowing organized criminals to launder their money," wrote one executive. today, bank executives sheepishly admitted there have been cover-ups of relationships and accounts were left open for years. >> is the
Jul 21, 2012 2:00pm EDT
. at 7:30 eastern and pacific on c-span3. >> david bagley, the head of group compliance for hsbc, told the senate homeland security subcommittee tuesday that he will step down. the bank allegedly gave terrorists, drug cartels, and criminals access to the u.s. financial system by failing to guard against money-laundering. bagley was one in a panel of hsbc executives who testified before the senate subcommittee which showed a decade up compliance failures. this portion of the hearing is an hour and 20 minutes. >> mr. thurston, hbms is a bank that had a longstanding, severe money-laundering problem, and we describe this at length in our report. the bank was purchased in 2002. you did not arrive until 2007. take a look, if you would, at the exhibit booked in front of you there. exhibit 1b. what we have done is put together a chart of some of the exhibits, just a few highlights of some of those exhibits, which are really a litany of money laundering deficiencies at hbmx from 2002 through 2009. the first reference is 2002 in this exhibit. here is what the audit found -- that is 2002. then in
Jul 18, 2012 8:00am PDT
last year. a top executive at the banking giant hsbc has resigned in the wake of a report linking the firm to money laundering for mexican drug cartels. a senate probe also found loose protections at hsbc's u.s. unit provided a gateway for terrorists to gain access to u.s. dollars in the u.s. financial system. on tuesday, the david bagley, the head of compliance at hsbc, announced his resignation and apologized in testimony before a senate hearing. >> i recognize there have been some significant areas of failure. i have said before and will say again, despite the best efforts and intentions of many dedicated professionals, hsbc has fallen short of our own expectations and the expectations of our regulators. this is something that abatement seeking to conduct business in u.s. and globally must learn from and take steps to avoid in the future. >> the justice department has confirmed it's investigating hsbc for criminal wrongdoing. also speaking on tuesday, michigan democratic senator carl levin said hsbc must now show accountability for its actions. >> the recent commitments are wel
Jul 17, 2012 5:00pm EDT
drugs, loot government coffers, and even pursue weapons of mass destruction." hsbc - banks is at the center of the investigation - bank executives are cooperating with a senate subcommittee investigation and admit there were mistakes: bagley says: "despite the best efforts and intentions of many dedicated professionals, hsbc has fallen short of our own expectations and the expectations of our regulltors." coburn says: "if they can pass criminal proceeds through a us bank unnoticed and untouched, the funds are unlikely to be stopped or ever be recovered." &p today's hearing comes a day after a senate reporr alleged suspicious funds ffom mexico and syria passed through hsbc.. the report also alleges bans against iran were ignored and u.s. regulators knew about it and pailed to take action. cohen says: "the scale, efficiency and sophistication of the united states financial system, particularly it's banking sector, make it a prime target for those who seek to conceal and move illicit money." the bank says it's changed senior management and has shored up comp
Jul 17, 2012 1:00pm EDT
and regulations around the world. it was so bad david bagley, the head of hsbc's compliance globally said he will step down from that role although he will stay at hsbc. meanwhile, senator tom coburn said it isn't just hsbc. >> while our focus has been on the problems we found at hsbc bank, we also have to emphasize similar problems exist at other banks. for example, city bank, bank of america, wachovia, western union and others have come under scrutiny for laundering drug cartel profits. >> i want you to take a look at just one e-mail revealed by this sna committee so far exchanged between an hsbc compliance officer to an hsbc competitive aft - - -- executive after the bank wrestled who to do work with al rajhi. looks like you're fine to continue with al rathjhi. you better be making lots of money. they have a response, we will acknowledge in the past we have sometimes failed to meet the standards regulators and customers expect. we will apologize, acknowledge these mistakes, answer to these actions and give our absolute commitment to fixing what went wrong. this hearing is still ongoing. t
FOX News
Jul 17, 2012 4:00pm PDT
be laundering money at the place where you might do your banking. hsbc. one of the largest banks in all the world. they are shocking allegations to hear it from observers. and what u.s. lawmakers now want to do about them. that's coming up. plus, with 10 days until the summer olympics gets underway, the head of security for the games is admitting he has been an embarrassing failure. and now the british government has to mobilize thousands of troops to help keep everybody safe. ♪ ♪ ♪ ♪ [ male announcer ] what's the point of an epa estimated 42 miles per gallon if the miles aren't interesting? the lexus ct hybrid. this is the pursuit of perfection. and i thought "i can't do this, it's just too hard." then there was a moment. when i decided to find a way to keep going. go for olympic gold and go to college too. [ male announcer ] every day we help students earn their bachelor's or master's degree for tomorrow's careers. this is your moment. let nothing stand in your way. devry university, proud to support the education of our u.s. olympic team. >> one of the world sexual offense la
Jul 17, 2012 1:00pm PDT
for the drug lords and the terrorists. executives of hsbc were grilled by a u.s. senate committee today. they allegedly ignored repeated warnings of extensive money laundering through the bank's accounts. our own jill dougherty's been going through wlahat's going on over at that senate hearing all of the allegations. jill, what are you hearing? >> wolf, what they're saying -- the senate subcommittee is saying, is that hsbc's money laundering controls were so weak that it exposed the u.s. financial system not only to money laundering, but to drug trafficking and even terrorist financing. you've probably seen the commercials, one of the world's biggest banks, london-based hsbc, trying to claim a stake in the american market. but before it does, the banking giant is under investigation by the u.s.enate accused of turning a blind eye to billions of dollars in money transfers by drug cartels and even terrorist groups. >> why is it that the bank -- the bank that's the group bank that sees these kind of problems just doesn't flat out hold some folks accountable and fire some folks. >> reporter
Jul 12, 2012 1:00pm EDT
has the story live in washington. >> reporter: it's hsbc and a massive multi-part settlement coming. we don't know when it's coming with the united states government and the department of justice but things are clearly in process. also, what we have got coming up next week is a hearing up on capitol hill. the senate investigations committee is convening a hearing on tuesday. hsbc executives will testify at the hearing about questions surrounding money laundering at the bank over a period of some years. now, we don't know all the details of what's valved in the allegations but i can tell you some new information about what we know is an element of this. one of the things that investigators are going to be looking at here is hsbc's acquisition of a mexican bank in the early part of 2000s and whether or not that bank engaged in a business of buying and selling physical cash, bank notes in mexico, had low compliance standards and did not do enough to prevent mexican drug cartels from taking advantage of that business at what became ultimately hsbc in mexico. also involved here is a ques
Jul 16, 2012 4:00pm PDT
to add up. >>> senate investigators believe hsbc failed to prevent billions of dollars worth of money transfers linked to drug cartels and terrorist groups. the committee on investigation says over the past decade, hsbc failed to review thousands of suspicious transactions, some involved iran. >> two hsbc affiliates concealed thousands of transactions involving iran. an outside audit found hsbc affiliates from 2001 to 2007 sent 25,000 iranian transactions worth $19 billion through h-bus and other u.s. banks. links to iran were concealed in 85% of those transactions. >> in a statement, hsbc acknowledges that it sometimes failed to meet regulators standards and insists it has steppeup its compliance efforts. >>> it's been 347 days since america lost its top credit rating. what are we doing to get it back some retail sales fell half a percent in june. economists had hoped for an increase. they got the third decline in a row. the last time a triple month decline happened was in late 2008, the height of the financial crisis. >>> and the global interest rate rigging stand dal has gained mor
Jul 4, 2012 4:00am EDT
a brokerage downgrade. hsbc posted its version of china services vmi in june. that sector dropped to a ten-month low. more on that later in the show. and in hong kong, the index slipped about 0.2%. coal stocks rebounds but the market failed to gain traction. and jach pan's nikkei rose to a three-month high. and in south korea, the kospi finished up about 0.4%. samsung electronics shares actually closed up despite a fresh legal setback in the u.s. stay tuned for that story coming up on the show as well. and australia outperformed. rose more than 1% hitting a seven-week high. better than expected may retail data also helped boost sentiments. and quick check on the indian sensex. >> tracey, thanks very much. i should get myself a white belt and we'd be completing matching. >> let's move on to the european market action then. this is what's going on across the equity markets. the ftse 100. the ftse down by about 10 points or so. the dax losing not quite 4%, but 27 points in those terms. weaker for the french equity markets. similar percentage move to the downside for the ibex. in spain, the eq
Jul 30, 2012 2:30pm PDT
the dollar, declining, $1.2260. british bank hsbc says it is expecting a $2 billion hit from scandals over money laundering and miss selling of investment products, but that is not putting that much of the debt in the firm's profits. >> net profit fell just 8% to about $8.5 billion in the first half of the year. earlier this month, hsbc admitted that it failed to apply rules against money- laundering. clients were allowed to move funds from countries like mexico and iran into the u.s. without proper checks bit of a u.s. senate report said that ultimately benefited drug dealers and terrorists. >> france's call for an emergency meeting at the u.n. this year on syria. the diplomatic deadlock that the security council remains as a fighting rages on, especially in the northern city of aleppo. >> the army claims it has retaken one district in aleppo, but the rebels dispute that. whoever has the upper hand though, civilians are paying a very high price. >> is entered at video purports to show a checkpoint in the north of aleppo in the hands of opposition forces. the fighters and captured tanks an
Jul 31, 2012 2:00am PDT
flat, hsbc takes another hit and the end of a rhode island institution. the first look at this morning's business headlines is straight ahead. >>> ichiro hits the century mark, and the angels pull the old switcher yo on the rangers. you're watching "first look" on msnbc. ♪ the one and only, cheerios [ female announcer ] the next generation of investing technology is now within your grasp with the e-trade 360 investing dashboard. e-trade 360 is the world's first investing homepage that shows you where all your investments are and what they're doing with free streaming quotes, news, analysis and even your trade ticket. everything exactly the way you want it, all on one page. transform your investing with the e-trade 360 investing dashboard. and i thought "i can't do this, it's just too hard." then there was a moment. when i decided to find a way to keep going. go for olympic gold and go to college too. [ male announcer ] every day we help students earn their bachelor's or master's degree for tomorrow's careers. this is your moment. let nothing stand in your way. devry university, proud
Jul 17, 2012 6:00pm EDT
international bank, hsbc, says he is stepping down from that position. this after an investigation found that lack controls at the bank allowed mexican drug cartels to launder billions of dollars to its u.s. operation. that compliance officer and other hsbc executives got grilled today by senate during a hearing on the matter. >>> new information tonight about virginia's attorney general's decision not to seventy certify new guidelines for abortion clinics. that means that the department of health has to re-examine its provision requiring existing clinics to comply with standards for new building construction. today, abortion right supporters announced they plan to attending the attorney general's public appearances to try and press him on this issue and protest what they call his antiabortion agenda in virginia. >>> it turns out for the past two years, the boy scouts have been reviewing. excluding homosexuals is the best policy for the organization. that policy was upheld by the u.s. supreme court back in 2000. >>> a woman and her husband are recovering after her son shot both of them
FOX News
Jul 17, 2012 10:00am PDT
laundering scandal involving one of the world's largest banks. hsbc announcing in the last hour that it is now in the process of closing thousands of accounts in the caymen islands, just one of several places the bank allegedly allowed dirty funds to be laundered. hsbc executive david bagley resigning from his post after a senate hearing into the scandal earlier today, acknowledging that the bank failed to launder eights anti anti-laundering programs. money was allowed to be moved in and out, thus laundered, possibly funding terrorism and fueling drug cartels all over the world. a live report explaining all of this just ahead. we are also tracking a developing story involving reported food tampering, that is putting it mildly aboard some delta airline flights. at least one passenger is being treated for a possible, they are looking into -- possible hiv infection after several people reported biting into a dangerous surprise inside of their inch-flight meals. trace gallagher has more from the breaking news desk. >> reporter: sewing needles, megyn. these needles were found in turk
Jul 17, 2012 6:00am EDT
. >> hsbc had in their words a pervasively polluted culture. allowed the british bank to act as a financier to clients to seek questionable funds from dangerous and secretive corners of the world. including mexico, iran, the cayman islands, curb and sir yorks hsbc and regulators will face touch questions at a hearing today how the abuses were allowed to continue after the bank faced regulator action in 2012. >> let's get a check on the markets. yesterday was the seventh day out of eighth that the markets closed lower. this morning you do see some green arrows. do you futures up by 32 points. s&p up by 3.5. asia also up earlier today and that was the third session in a row higher numbers out of asian markets. oil prices have also been climbing. we'll keep an eye on that. right now you'll see that oil prices are up about 17 cents and this comes just as we had been watching oil prices yesterday up at 1.5 month highs. pull back a little bit at $88.60, pull back up. let's take a look at the ten year. at this point the ten year note is yielding, 1.482%, incredibly low yield although it has climbe
Jul 17, 2012 6:00am PDT
investigators are saying happened at the global bank hsbc. now they are holding the executives' feet to the fire. you know, i have done something worthwhile. when i earned my doctorate through university of phoenix, that pride, that was on my face. i am jocelyn taylor. i'm committed to making a difference in people's lives, and i am a phoenix. visit to find the program that's right for you. enroll now. >>> now is your chance to talk back on one of the big stories of the day. the question for you this morning, what's the best way to win the war on drugs? here is a pop quiz for you. what is the longest war america has ever rained? it's not iraq or afghanistan. it would be the drug war. for 40 years, america has spent hundreds of billions of dollars fighting illegal drugs. the obama administration believes in a balanced approach to fighting drugs, working on prevention and treatment but also partnering with countries like mexico to stem the flow. yet in 2009, of the $39 billion spent fighting the drug war only 1/3 of that money went to drug treatment. the bulk of the money spent on thin
Jul 31, 2012 8:00am PDT
more name of the banks, who people should be watching for, and what you think should be done. >> hsbc is no. 3 on our list. they recently had a deferred prosecution agreement with the department of justice for laundering $14 million of cartel drug money. they got off with a $1 billion parking ticket. profits per year are about $20 billion. this is the obama administration basically deciding not to close this bank, even though investigators i have spoken to at the bank, who looked closely at the bank, said this is like the 1990's british daily differences that was a pakistani bank, which we decided to close down. hsbc is one of the top 10 banks on the list. collectively, this 10 banks manage about $6.30 trillion of the $12.30 trillion located in the top 50 banks. the other names mentioned, at ubs, credit suisse, hsbc, jpmorgan, deutsche bank, barclays. >> what about large corporations? he talked about moving intellectual property offshore. corporations like google and pfizer? >> and our fellow "were not broke" we talk about corporate tax evasion. this is the latest in the software indu
Search Results 0 to 49 of about 164 (some duplicates have been removed)